Palladium crosses $ 2200 for the first time: Platinum also rises to $ 1002

Supply drag and industrial demand

Mumbai, Ta. 15 January 2020, Wednesday

The decline in gold prices in the local market has led to the rise in the price hike following the improvement in global markets. In addition, precious metals platinum and palladium saw new record prices following industrial demand. Even with US-China trade agreements, crude oil prices are expected to remain stable, with expectations of a significant increase in demand.

In the local gold market, the price of 5 grams of gold without the GST, which closed at Rs 5 on Tuesday, rose by Rs 5 to Rs 5 on Wednesday. Gold closed at Rs 5, closing at Rs 5 today. With GST, prices were up three per cent higher.

Silver followed by gold. But the rupee was closed at Rs 5 per kg on Friday. Late in the evening, the prices were modestly low and the rupee was priced at Rs 5 to Rs 5.

Gold overseas, which closed at $ 5 an ounce yesterday, was hitting between $ 8 and $ 5 today. Silver hit between $ 8 and $ 8, an average of $ 1.8 per ounce. The dollar index against various currencies was diverted towards the falling funded gold.

Other precious metals, platinum and palladium, were up today and new record prices were up. In addition to the pull in supply, prices were driven by the rise in industrial demand. Platinum was trading at $ 5 an ounce in the late evening, while palladium for the first time crossed the $ 5 mark and hit a record high of $ 5 per ounce.

Despite US-China trade agreements, crude oil does not see a significant increase in expectations that demand will not rise. Brent crude was trading at $ 5 per barrel and Naimax at $ 5.

In the currency market, the dollar was down 5 paise to 5.7 against the rupee, while the pound rose by 5 paise to 1.8 bucks and the euro rose by 8 paise to 1.8.